Natural Resource Partners L.P. Reports First Quarter 2026 Results and Declares First Quarter 2026 Distribution of $0.75 per Common Unit

HOUSTON, May 06, 2026 (GLOBE NEWSWIRE) -- Natural Resource Partners L.P. (NYSE:NRP) today reported first quarter 2026 results as follows:

  For the Three Months Ended  Last Twelve Months Ended (In thousands) (Unaudited) March 31, 2026 Net income $19,619  $115,733 Operating cash flow  33,014   164,453          Free cash flow before investment in soda ash business  33,772   167,396 Investment in soda ash business  (39,200)  (39,200)Free cash flow(1)  (5,428)  128,196 

____________________(1)See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.

Highlights:

• Generated $33.8 million of free cash flow in the first quarter of 2026 before the $39.2 million capital investment in its soda ash business
• Paid fourth quarter 2025 distribution of $0.75 per common unit 
• Paid special cash distribution of $0.12 per common unit to help cover unitholder tax liabilities associated with owning NRP's common units in 2025 
• Declares first quarter 2026 common unit distribution of $0.75 per unit

"NRP generated $34 million of free cash flow in the first quarter of 2026 and $167 million of free cash flow over the last twelve months before accounting for the $39 million investment we made in our soda ash business," said Craig Nunez, NRP's president and chief operating officer. "We continue to generate substantial free cash flow despite ongoing headwinds for metallurgical coal, thermal coal, and soda ash."

NRP announced today that the board of directors of its general partner declared a first quarter 2026 cash distribution of $0.75 per common unit to be paid on May 26, 2026, to unitholders of record on May 19, 2026. Future distributions on NRP's common units will be determined on a quarterly basis by the board of directors. The board of directors considers numerous factors each quarter in determining cash distributions including profitability, cash flow, debt service obligations, market conditions and outlook, estimated unitholder income tax liability, and the level of cash reserves that the board determines is necessary for future operating and capital needs.

Segment Performance

Mineral Rights

Mineral Rights net income for the first quarter of 2026 decreased $11.7 million as compared to the prior year period. Operating cash flow and free cash flow decreased $1.4 million and $1.3 million, respectively, as compared to the prior year period. The decrease in net income was primarily due to lower metallurgical and thermal coal sales volumes and increased depletion rates at certain thermal properties. The declines in operating and free cash flow were also primarily due to lower metallurgical and thermal coal sales volumes partially offset by higher recoupments in the first quarter of 2025. Approximately 65% of coal royalty revenues and approximately 45% of coal royalty sales volumes were derived from metallurgical coal in the first quarter of 2026.

Mineral Rights segment results continue to be affected by weak global steel demand, low natural gas prices, and ample coal stockpiles at power plants.

NRP has no meaningful developments to report on its carbon neutral initiatives but continues to explore and make small-scale progress on opportunities to create value through carbon sequestration and renewable energy production across its vast portfolio of mineral and surface assets. 

Soda Ash

Soda Ash net income in the first quarter of 2026 decreased $12.5 million as compared to the prior year period primarily due to lower sales prices in 2026. Operating cash flow decreased $3.0 million as compared to the prior year period due to the $2.9 million distribution received in the first quarter of 2025, and no distribution in the first quarter of 2026. Free cash flow decreased $42.2 million in the first quarter of 2026 as compared to the prior year period primarily due to NRP's $39.2 million capital investment in Sisecam Wyoming in the first quarter of 2026. NRP and its managing partner made a capital investment into Sisecam Wyoming in the first quarter of 2026 to reduce outstanding amounts under its bank credit facility and better position it to compete in the current environment. Sisecam Wyoming’s managing partner also invested its pro-rata share of $40.8 million. NRP evaluated this investment as it would any other capital allocation opportunity, with the goal of maximizing NRP's intrinsic value per unit. 

The soda ash market remains significantly oversupplied due to the influx of natural soda ash supply from China coupled with weak demand for flat glass. NRP believes international soda ash prices are below the cost of production for most producers with no near-term market correction in sight. Due to the weak pricing environment, NRP has not received a distribution from Sisecam Wyoming since the second quarter of 2025 and does not expect to receive distributions until soda ash demand increases and/or capacity is rationalized, which NRP expects to take several years.

Corporate and Financing

Corporate and Financing net income increased $3.5 million, while operating cash flow and free cash flow each increased $2.9 million in the first quarter of 2026 as compared to the prior year period. These increases were primarily due to lower interest expense and cash paid for interest in the first quarter of 2026 as compared to the prior year period due to less debt outstanding. 

In February 2026, NRP paid a fourth quarter 2025 cash distribution of $0.75 per common unit and in March 2026, NRP paid a special cash distribution of $0.12 per common unit to help cover unitholder tax liabilities associated with owning NRP's common units in 2025. Today, NRP declared a first quarter 2026 cash distribution of $0.75 per common unit.  

NRP had $185.4 million of available liquidity at March 31, 2026, consisting of $31.5 million of cash and cash equivalents and $153.9 million of borrowing capacity available under its revolving credit facility. 

NRP's consolidated leverage ratio was 0.4 x at March 31, 2026. 

Conference Call

A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link: https://events.q4inc.com/analyst/564088592?pwd=AhU5Ffcw. After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full conference call we suggest registering at minimum 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com. To access the replay, please visit the Investor Relations section of NRP’s website.

Withholding Information for Foreign Investors

Concurrent with this announcement, we are providing qualified notice to brokers and nominees that hold NRP units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of NRP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distribution as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, NRP's distributions to non-U.S. investors are subject to federal income tax withholding at a rate equal to the sum of the highest applicable rate plus ten percent (10%).

Company Profile

Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of properties in the United States including coal, industrial minerals and other natural resources, as well as rights to conduct carbon sequestration and renewable energy activities. NRP also owns an equity investment in Sisecam Wyoming LLC, one of the world’s lowest-cost producers of soda ash.

For additional information, please contact Tiffany Sammis at 713-751-7515 or [email protected]. Further information about NRP is available on the partnership’s website at http://www.nrplp.com.

Forward-Looking Statements

This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: future distributions on the Partnership’s common units; the Partnership's business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership's lessees; Sisecam Wyoming LLC’s trona mining and soda ash refinery operations; distributions from the soda ash business; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and U.S. economic conditions; and other factors detailed in Natural Resource Partners’ Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

"Adjusted EBITDA" is a non-GAAP financial measure that we define as net income (loss) less equity earnings from unconsolidated investment; plus total distributions from unconsolidated investment, interest expense, net, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income, the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. In addition, Adjusted EBITDA presented below is not calculated or presented on the same basis as Consolidated EBITDA as defined in our partnership agreement or Consolidated EBITDDA as defined in Opco's debt agreements. Adjusted EBITDA is a supplemental performance measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis.

“Distributable cash flow” or "DCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities plus distributions from unconsolidated investment in excess of cumulative earnings, proceeds from asset sales and disposals, including sales of discontinued operations, and return of long-term contract receivable; less maintenance capital expenditures and capital to unconsolidated investment. DCF is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. DCF may not be calculated the same for us as for other companies. In addition, distributable cash flow is not calculated or presented on the same basis as distributable cash flow as defined in our partnership agreement, which is used as a metric to determine whether we are able to increase quarterly distributions to our common unitholders. Distributable cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

“Free cash flow” or "FCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less maintenance and expansion capital expenditures and cash flow used in acquisition costs classified as investing or financing activities and capital to unconsolidated investment. FCF is calculated before mandatory debt repayments. Free cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Free cash flow may not be calculated the same for us as for other companies. Free cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

"Leverage ratio" represents the outstanding principal of NRP's debt at the end of the period divided by the last twelve months' Adjusted EBITDA as defined above. NRP believes that leverage ratio is a useful measure to management and investors to evaluate and monitor the indebtedness of NRP relative to its ability to generate income to service such debt and in understanding trends in NRP’s overall financial condition. Leverage ratio may not be calculated the same for NRP as for other companies and is not a substitute for, and should not be used in conjunction with, GAAP financial ratios. 

-Financial Tables and Reconciliation of Non-GAAP Measures Follow-

Natural Resource Partners L.P.
Financial Tables
(Unaudited)

Consolidated Statements of Comprehensive Income       For the Three Months Ended   March 31,  December 31, (In thousands, except per unit data) 2026  2025  2025 Revenues and other income            Royalty and other mineral rights $43,297  $51,260  $45,875 Transportation and processing services  3,885   4,421   2,523 Equity in earnings (loss) of Sisecam Wyoming  (7,828)  4,610   (1,686)Gain (loss) on asset sales and disposals  (1)  247   — Total revenues and other income $39,353  $60,538  $46,712              Operating expenses            Operating and maintenance expenses $6,113  $6,776  $5,265 Depreciation, depletion and amortization  7,614   3,989   3,344 General and administrative expenses  5,034   6,832   5,948 Asset impairments  —   20   — Total operating expenses $18,761  $17,617  $14,557              Income from operations $20,592  $42,921  $32,155              Interest expense, net $(973) $(2,668) $(1,157)             Net income $19,619  $40,253  $30,998              Net income attributable to common unitholders $19,227  $39,448  $30,378 Net income attributable to the general partner  392   805   620              Net income per common unit            Basic $1.46  $3.01  $2.31 Diluted  1.44   2.97   2.27              Net income $19,619  $40,253  $30,998 Comprehensive income (loss) from unconsolidated investment and other  (140)  2,260   (1,786)Comprehensive income $19,479  $42,513  $29,212              

Natural Resource Partners L.P.
Financial Tables
(Unaudited)

Consolidated Statements of Cash Flows       For the Three Months Ended   March 31,  December 31, (In thousands) 2026  2025  2025 Cash flows from operating activities            Net income $19,619  $40,253  $30,998 Adjustments to reconcile net income to net cash provided by operating activities:            Depreciation, depletion and amortization  7,614   3,989   3,344 Distributions from unconsolidated investment  —   2,940   — Equity in (earnings) loss from unconsolidated investment  7,828   (4,610)  1,686 Loss (gain) on asset sales and disposals  1   (247)  — Asset impairments  —   20   — Bad debt expense  (776)  451   (111)Unit-based compensation expense  1,164   2,717   3,015 Amortization of debt issuance costs and other  447   (168)  (3,261)Change in operating assets and liabilities:            Accounts receivable  615   (149)  1,966 Accounts payable  1,290   546   272 Accrued liabilities  (7,156)  (7,990)  1,719 Accrued interest  210   254   (423)Deferred revenue  1,434   (3,227)  7,211 Other items, net  724   (355)  (1,651)Net cash provided by operating activities $33,014  $34,424  $44,765              Cash flows from investing activities            Proceeds from asset sales and disposals $—  $247  $— Capital to unconsolidated investment  (39,200)  —   — Return of long-term contract receivable  758   700   743 Net cash provided by (used in) investing activities $(38,442) $947  $743              Cash flows from financing activities            Debt borrowings $61,200  $33,700  $13,000 Debt repayments  (34,000)  (37,000)  (49,331)Distributions to common unitholders and the general partner  (11,763)  (26,276)  (10,054)Other items, net  (8,646)  (5,363)  (1)Net cash provided by (used in) financing activities $6,791  $(34,939) $(46,386)             Net increase (decrease) in cash and cash equivalents $1,363  $432  $(878)Cash and cash equivalents at beginning of period  30,141   30,444   31,019 Cash and cash equivalents at end of period $31,504  $30,876  $30,141              Supplemental cash flow information:            Cash paid for interest $684  $2,371  $1,516              

Natural Resource Partners L.P.
Financial Tables
(Unaudited)

Consolidated Balance Sheets          March 31,  December 31,   2026  2025 (In thousands, except unit data) (Unaudited)    ASSETS        Current assets        Cash and cash equivalents $31,504  $30,141 Accounts receivable, net  26,792   28,666 Other current assets, net  1,425   2,105 Total current assets $59,721  $60,912 Land  24,007   24,008 Mineral rights, net  360,860   366,987 Intangible assets, net  10,426   11,908 Equity in unconsolidated investment  281,477   250,244 Long-term contract receivable, net  19,598   20,406 Other long-term assets, net  15,568   13,900 Total assets $771,657  $748,365 LIABILITIES AND CAPITAL        Current liabilities        Accounts payable $2,448  $1,159 Accrued liabilities  4,605   10,897 Accrued interest  279   69 Current portion of deferred revenue  7,029   6,663 Current portion of long-term debt, net  14,234   14,198 Total current liabilities $28,595  $32,986 Deferred revenue  59,136   58,067 Long-term debt, net  46,084   18,884 Other non-current liabilities  5,310   5,909 Total liabilities $139,125  $115,846 Commitments and contingencies        Partners’ capital        Common unitholders’ interest (13,250,412 and 13,138,097 units issued and outstanding at March 31, 2026 and December 31, 2025, respectively) $624,902  $625,188 General partner’s interest  11,771   11,332 Accumulated other comprehensive loss  (4,141)  (4,001)Total partners’ capital $632,532  $632,519 Total liabilities and partners' capital $771,657  $748,365          

Natural Resource Partners L.P.
Financial Tables
(Unaudited)

Consolidated Statements of Partners' Capital                                   Accumulated                   Other  Total   Common Unitholders  General  Comprehensive  Partners' (In thousands) Units  Amounts  Partner  Loss  Capital Balance at December 31, 2025  13,138  $625,188  $11,332  $(4,001) $632,519 Net income  —   19,227   392   —   19,619 Distributions to common unitholders and the general partner  —   (11,528)  (235)  —   (11,763)Issuance of unit-based awards  112   —   —   —   — Unit-based awards amortization and vesting, net  —   (7,985)  —   —   (7,985)Capital contribution  —   —   282   —   282 Comprehensive loss from unconsolidated investment and other  —   —   —   (140)  (140)Balance at March 31, 2026  13,250  $624,902  $11,771  $(4,141) $632,532 

                                  Accumulated                   Other  Total   Common Unitholders  General  Comprehensive  Partners' (In thousands) Units  Amounts  Partner  Income (Loss)  Capital Balance at December 31, 2024  13,049  $543,231  $9,547  $(1,670) $551,108 Net income  —   39,448   805   —   40,253 Distributions to common unitholders and the general partner  —   (25,750)  (526)  —   (26,276)Issuance of unit-based awards  89   —   —   —   — Unit-based awards amortization and vesting, net  —   (3,175)  —   —   (3,175)Capital contribution  —   —   187   —   187 Comprehensive income from unconsolidated investment and other  —   —   —   2,260   2,260 Balance at March 31, 2025  13,138  $553,754  $10,013  $590  $564,357                      

Natural Resource Partners L.P.
Financial Tables
(Unaudited)

The following table presents NRP's unaudited business results by segment for the three months ended March 31, 2026 and 2025 and December 31, 2025:

  Operating Segments           Mineral      Corporate and     (In thousands) Rights  Soda Ash  Financing  Total For the Three Months Ended March 31, 2026                Revenues $47,182  $—  $—  $47,182 Equity in loss of Sisecam Wyoming  —   (7,828)  —   (7,828)Gain on asset sales and disposals  (1)  —   —   (1)Total revenues and other income $47,181  $(7,828) $—  $39,353 Asset impairments $—  $—  $—  $— Net income (loss) $33,530  $(7,900) $(6,011) $19,619 Adjusted EBITDA(1) $41,140  $(72) $(5,034) $36,034 Cash flow provided by (used in) continuing operations:                Operating activities $41,827  $(72) $(8,741) $33,014 Investing activities $758  $(39,200) $—  $(38,442)Financing activities $(1,256) $—  $8,047  $6,791 Distributable cash flow(1) $42,585  $(39,272) $(8,741) $(5,428)Free cash flow(1) $42,585  $(39,272) $(8,741) $(5,428)                 For the Three Months Ended March 31, 2025                Revenues $55,681  $—  $—  $55,681 Equity in earnings of Sisecam Wyoming  —   4,610   —   4,610 Gain on asset sales and disposals  247   —   —   247 Total revenues and other income $55,928  $4,610  $—  $60,538 Asset impairments $20  $—  $—  $20 Net income (loss) $45,208  $4,550  $(9,505) $40,253 Adjusted EBITDA(1) $49,213  $2,880  $(6,833) $45,260 Cash flow provided by (used in) continuing operations:                Operating activities $43,223  $2,880  $(11,679) $34,424 Investing activities $947  $—  $—  $947 Financing activities $(841) $—  $(34,098) $(34,939)Distributable cash flow(1) $44,170  $2,880  $(11,679) $35,371 Free cash flow(1) $43,923  $2,880  $(11,679) $35,124                  For the Three Months Ended December 31, 2025                Revenues $48,398  $—  $—  $48,398 Equity in loss of Sisecam Wyoming  —   (1,686)  —   (1,686)Gain on asset sales and disposals  —   —   —   — Total revenues and other income $48,398  $(1,686) $—  $46,712 Asset impairments $—  $—  $—  $— Net income (loss) $39,808  $(1,701) $(7,109) $30,998 Adjusted EBITDA(1) $43,148  $(15) $(5,948) $37,185 Cash flow provided by (used in) continuing operations:                Operating activities $49,174  $(15) $(4,394) $44,765 Investing activities $743  $—  $—  $743 Financing activities $—  $—  $(46,386) $(46,386)Distributable cash flow(1) $49,917  $(15) $(4,394) $45,508 Free cash flow(1) $49,917  $(15) $(4,394) $45,508 

____________________(1)See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.  

Natural Resource Partners L.P.
Financial Tables
(Unaudited)

Operating Statistics - Mineral Rights       For the Three Months Ended   March 31,  December 31, (In thousands, except per ton data) 2026  2025  2025 Coal sales volumes (tons)            Appalachia            Northern  472   124   1,291 Central  2,967   3,306   2,969 Southern  329   296   686 Total Appalachia  3,768   3,726   4,946 Illinois Basin  2,420   3,342   1,264 Northern Powder River Basin  175   916   750 Gulf Coast  162   237   339 Total coal sales volumes  6,525   8,221   7,299              Coal royalty revenue per ton            Appalachia            Northern $1.42  $1.48  $1.48 Central  6.18   6.18   5.95 Southern  11.40   9.18   9.48 Illinois Basin  2.32   2.44   2.11 Northern Powder River Basin  6.19   4.55   4.36 Gulf Coast  0.83   0.78   0.79 Combined average coal royalty revenue per ton  4.53   4.36   4.42              Coal royalty revenues            Appalachia            Northern $671  $183  $1,909 Central  18,328   20,426   17,669 Southern  3,750   2,718   6,504 Total Appalachia  22,749   23,327   26,082 Illinois Basin  5,606   8,141   2,667 Northern Powder River Basin  1,084   4,169   3,269 Gulf Coast  135   184   267 Unadjusted coal royalty revenues  29,574   35,821   32,285 Coal royalty adjustment for minimum leases  —   (323)  (7)Total coal royalty revenues $29,574  $35,498  $32,278              Other revenues            Production lease minimum revenues $558  $2,725  $797 Minimum lease straight-line revenues  4,019   4,050   4,300 Oil and gas royalty revenues  1,386   2,444   1,410 Carbon neutral revenues  185   595   253 Property tax revenues  1,711   1,637   1,546 Wheelage revenues  1,990   1,738   1,855 Coal overriding royalty revenues  1,386   880   526 Lease amendment revenues  1,200   655   1,844 Aggregates royalty revenues  1,118   853   936 Other revenues  170   185   130 Total other revenues $13,723  $15,762  $13,597 Royalty and other mineral rights $43,297  $51,260  $45,875 Transportation and processing services revenues  3,885   4,421   2,523 Gain (loss) on asset sales and disposals  (1)  247   — Total Mineral Rights segment revenues and other income $47,181  $55,928  $48,398              

Natural Resource Partners L.P.
Reconciliation of Non-GAAP Measures
(Unaudited)

Adjusted EBITDA                  Mineral      Corporate and     (In thousands) Rights  Soda Ash  Financing  Total For the Three Months Ended March 31, 2026                Net income (loss) $33,530  $(7,900) $(6,011) $19,619 Add (Less): equity in (earnings) loss from unconsolidated investment  —   7,828   —   7,828 Add: total distributions from unconsolidated investment  —   —   —   — Add: interest expense, net  —   —   973   973 Add: depreciation, depletion and amortization  7,610   —   4   7,614 Add: asset impairments  —   —   —   — Adjusted EBITDA $41,140  $(72) $(5,034) $36,034                  For the Three Months Ended March 31, 2025                Net income (loss) $45,208  $4,550  $(9,505) $40,253 Add (Less): equity in (earnings) loss from unconsolidated investment  —   (4,610)  —   (4,610)Add: total distributions from unconsolidated investment  —   2,940   —   2,940 Add: interest expense, net  —   —   2,668   2,668 Add: depreciation, depletion and amortization  3,985   —   4   3,989 Add: asset impairments  20   —   —   20 Adjusted EBITDA $49,213  $2,880  $(6,833) $45,260                  For the Three Months Ended December 31, 2025                Net income (loss) $39,808  $(1,701) $(7,109) $30,998 Add (Less): equity in (earnings) loss from unconsolidated investment  —   1,686   —   1,686 Add: total distributions from unconsolidated investment  —   —   —   — Add: interest expense, net  —   —   1,157   1,157 Add: depreciation, depletion and amortization  3,340   —   4   3,344 Add: asset impairments  —   —   —   — Adjusted EBITDA $43,148  $(15) $(5,948) $37,185                  

Natural Resource Partners L.P.
Reconciliation of Non-GAAP Measures
(Unaudited)

Distributable Cash Flow and Free Cash Flow                  Mineral      Corporate and     (In thousands) Rights  Soda Ash  Financing  Total For the Three Months Ended March 31, 2026                Net cash provided by (used in) operating activities $41,827  $(72) $(8,741) $33,014 Add: proceeds from asset sales and disposals  —   —   —   — Add: return of long-term contract receivable  758   —   —   758 Less: capital to unconsolidated investment  —   (39,200)  —   (39,200)Distributable cash flow $42,585  $(39,272) $(8,741) $(5,428)Less: proceeds from asset sales and disposals  —   —   —   — Free cash flow $42,585  $(39,272) $(8,741) $(5,428)                 Net cash provided by (used in) investing activities $758  $(39,200) $—  $(38,442)Net cash provided by (used in) financing activities $(1,256) $—  $8,047  $6,791                  For the Three Months Ended March 31, 2025                Net cash provided by (used in) operating activities $43,223  $2,880  $(11,679) $34,424 Add: proceeds from asset sales and disposals  247   —   —   247 Add: return of long-term contract receivable  700   —   —   700 Distributable cash flow $44,170  $2,880  $(11,679) $35,371 Less: proceeds from asset sales and disposals  (247)  —   —   (247)Free cash flow $43,923  $2,880  $(11,679) $35,124                  Net cash provided by investing activities $947  $—  $—  $947 Net cash used in financing activities $(841) $—  $(34,098) $(34,939)                 For the Three Months Ended December 31, 2025                Net cash provided by (used in) operating activities $49,174  $(15) $(4,394) $44,765 Add: proceeds from asset sales and disposals  —   —   —   — Add: return of long-term contract receivable  743   —   —   743 Distributable cash flow $49,917  $(15) $(4,394) $45,508 Less: proceeds from asset sales and disposals  —   —   —   — Free cash flow $49,917  $(15) $(4,394) $45,508                  Net cash provided by investing activities $743  $—  $—  $743 Net cash used in financing activities $—  $—  $(46,386) $(46,386)                 

Natural Resource Partners L.P.
Reconciliation of Non-GAAP Measures
(Unaudited)

Last Twelve Months (LTM) Free Cash Flow           For the Three Months Ended     (In thousands) June 30, 2025  September 30, 2025  December 31, 2025  March 31, 2026  Last 12 Months Net cash provided by operating activities $45,579  $41,095  $44,765  $33,014  $164,453 Add: proceeds from asset sales and disposals  730   906   —   —   1,636 Add: return of long-term contract receivable  714   728   743   758   2,943 Less: capital to unconsolidated investment  —   —   —   (39,200)  (39,200)Distributable cash flow $47,023  $42,729  $45,508  $(5,428) $129,832 Less: proceeds from asset sales and disposals  (730)  (906)  —   —   (1,636)Free cash flow $46,293  $41,823  $45,508  $(5,428) $128,196 Add: investment in soda ash business  —   —   —   39,200   39,200 Free cash flow before investment in soda ash business $46,293  $41,823  $45,508  $33,772  $167,396 

        Leverage Ratio           For the Three Months Ended     (In thousands) June 30, 2025  September 30, 2025  December 31, 2025  March 31, 2026  Last 12 Months Net income $34,211  $30,905  $30,998  $19,619  $115,733 Add (Less): equity in (earnings) loss from unconsolidated investment  (2,526)  2,390   1,686   7,828   9,378 Add: total distributions from unconsolidated investment  4,900   —   —   —   4,900 Add: interest expense, net  2,380   1,779   1,157   973   6,289 Add: depreciation, depletion and amortization  3,754   3,868   3,344   7,614   18,580 Add: asset impairments  —   —   —   —   — Adjusted EBITDA $42,719  $38,942  $37,185  $36,034  $154,880                      Debt—at March 31, 2026                 $60,415                      Leverage Ratio                 0.4 x                     

  For the Three Months Ended     (In thousands) June 30, 2024  September 30, 2024  December 31, 2024  March 31, 2025  Last 12 Months Net income $46,064  $38,595  $42,772  $40,253  $167,684 Less: equity in earnings from unconsolidated investment  (3,645)  (8,109)  (931)  (4,610)  (17,295)Add: total distributions from unconsolidated investment  7,584   6,320   10,667   2,940   27,511 Add: interest expense, net  4,349   4,194   3,524   2,668   14,735 Add: depreciation, depletion and amortization  3,324   4,730   2,827   3,989   14,870 Add: asset impairments  —   87   —   20   107 Adjusted EBITDA $57,676  $45,817  $58,859  $45,260  $207,612                      Debt—at March 31, 2025                 $139,047                      Leverage Ratio                 0.7 x